15Conditions on grant of licence

15 Conditions on grant of licence

A company may only be granted a concessional capital licence under the scheme if all of the following conditions are met:

(a) the company is registered under the Corporations Act 2001;

(b) the company has not commenced business or exercised any borrowing power;

(c) the company’s central management and control is ordinarily exercised in a place in Australia;

(d) the chair of the company (however described) and all of the directors of the company are Australian citizens;

(e) the company’s constitution provides that all of the shares in the company are to be fully paid and of the same class.